Posted January 11, 2018

Cutting tool consumption up 9.6 percent in November

November U.S. cutting tool consumption totaled $185.00 million, up 9.6 percent compared with the $168.70 million reported for November 2016.

According to the U.S. Cutting Tool Institute and AMT – The Association For Manufacturing Technology, the November total was down 6.6 percent from October’s $198.00 million. With a year-to-date total of $2.020 billion, 2017 totals were up 8.2 percent compared with 2016.

“The year to date growth over 2017 continues to be above 8.0 percent, and movement on tax reform should continue to energize the economy,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group. “With that vision, the cutting tool industry is ready to do our part in promoting the promising economic growth for our nation in 2018.”

“Growth in the manufacturing sector in the U.S. and around the world improved as the year came to a close,” said William Strauss, senior economist at the Federal Reserve Bank of Chicago. “Continued recovery in the energy and chemical industries was a big part of the strength. The automotive industry was a drag on activity through the first half of the year, but a temporary boost due to replacing hurricane damaged vehicles assisted the end-of-year sales.”